Jay, Oklahoma Property Taxes
The median property tax rate in Jay, OK is 0.73%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Jay, the typical annual property tax bill amounts to $668, significantly below the national median of $2,690. Property taxes in Jay are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Jay's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Jay or another part of Delaware County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jay, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$742
Ownwell’s Jay Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Jay. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Jay to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more granular data, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value is determined by Delaware County for tax purposes and considers any applicable exemptions.
Property Tax Rates Across Jay, Oklahoma
Property taxes in Jay, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jay is 0.73%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Jay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jay estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Jay's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74346 zip code has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Jay provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jay Tax Rate
0.73%
Average Delaware County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jay, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74346 | 0.42% | 0.57% | 0.73% | 0.90% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Jay, Oklahoma
In Jay, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Delaware County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Jay, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Jay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Jay, the median home price is $101,685, with the 25th percentile tax bill at $339 and the 75th percentile tax bill at $1,281. The highest and lowest median tax bills are both $668 in the 74346 zip code.
Average Jay Assessed Value
$101,685
Average Delaware County Assessed Value
$141,764
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jay, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74346 | $20,211 | $54,441 | $101,685 | $172,177 | $285,001 |
Source: Ownwell
Property Tax Bills Across Jay, Oklahoma
In Jay, Delaware County, OK, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Jay is $101,685. To determine the tax bill, the assessed value is multiplied by the local tax rate. The national median property tax rate is 0.99%, but local rates can vary. Homeowners in Jay can expect tax bills to range significantly. For instance, the 25th percentile tax bill is around $339, while the 75th percentile reaches $1,281, and the 90th percentile can be as high as $2,156. The median tax bill in Jay is $668, which is consistent across the 74346 zip code. These variations depend on factors like property value, exemptions, and local tax rates. Higher property taxes can impact homeowners by increasing monthly mortgage payments and overall housing costs, making it essential for property owners to understand their tax liabilities.
Average Jay Tax Bill
$668
Average Delaware County Tax Bill
$1,031
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Jay, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74346 | $148 | $339 | $668 | $1,281 | $2,156 |
Source: Ownwell